- Gemini claims to be the first company to operate as a VASP.
- The company received EMI licence from CBI in February 2022.
Gemini, a crypto trading platform located in New York, claims to be the first to be recognized by the Central Bank of Ireland as a virtual asset service provider (VASP). The Central Bank of Ireland (CBI) granted an electronic money institution (EMI) license to a business earlier in February 2022. Gemini’s official blog broke the story on Tuesday.
Gemini’s head of Ireland and the EU, Gillian Lynch, said:
Gemini was founded on the ethos of asking for permission, not forgiveness. Since day one, Gemini has engaged with regulators around the world to help shape thoughtful regulation that both protects consumers and fosters innovation.
Ireland is Favored by crypto
Over 100 cryptocurrencies, including the euro and British pound, may now be traded and stored on Gemini’s exchange and custody services for individuals and institutions in Ireland.
Ireland’s 5AMLD, or EU’s Fifth Anti-Money Laundering Directive, was enacted into law in April of this year, making it illegal to conduct business in Ireland without registering with the CBI and conducting due diligence on clients—including identifying, accounting for, and reporting suspicious financial activity involving crypto assets.
After applying for and receiving the e-money license, which was granted in March 2022, Gemini may issue electronic money, offer electronic payment services, and process electronic payments for third parties. However, it does not enable organizations to function as exchanges.
Gillian Lynch, a senior executive at Irish banking platforms Liveris and Bank of Ireland, was appointed as Gemini’s head of Ireland and EU in early 2021. Binance created three subsidiaries in Ireland in September, while Kraken and Ripple have chosen the nation as their European headquarters.